Saturday, 24 February 2018

 

BlackPace Africa Group, a Nigerian and Switzerland-based firm, has bought Ndiyo Business Group, a major producer of salted chips in Rwanda.

Paul Andrew Olusegun, the chairman of BlackPace Africa, said the takeover was a strategic entry for the group, presenting the company an opportunity to leverage Ndiyo’s network to enhance Rwanda’s potato value chain.

“This partnership is crucial in delivering value to the Rwandan people, especially Irish potato farmers and other sector players. It will also support government’s development and job-creation efforts and hence spur growth,” Olesegun said, according to newtimes.co.rw.

He was optimistic that the deal would lead to other similar partnerships in future as part of the memorandum of understand BlackPace signed with government in August this year.

In August, BlackPace signed a partnership deal with the government through the agriculture, and trade and industry ministries, and Rwanda Development Board (RDB) to invest in development and improvement of the local potato value chain under its Cros Agro Allied Rwanda subsidiary.

Under the project worth USD120m (over Rwf102.6 billion), the firm targets to increase the production of potatoes from 2.3 million tons presently to 10 million tons in the next four-five years. It also seeks to set up two potato processing plants and hence create a USD3bn economy that is tipped to propel Rwanda into one of the main potato economies in Africa.

Commenting on the development, Mathieu Rouviere, the Ndiyo Business Group chief, said he was excited about the new development. “I am pleased to be part of BlackPace Africa value chain in Rwanda. Rouviere, who stays on as CEO, added he was looking forward to actualize BlackPace mission in the country and across Africa in general,” he said in a statement over the weekend.

Ndiyo is worth about USD1m, and currently employs 50 workers, and BlackPace says the majority stake acquisition is a good investment, arguing that small businesses are the engine of growth.

BlackPace plans to inject USD10m investment into the firm and set up a new chips making plant worth USD6m (Rwf5.1 billion) in Rwamagana District.

 



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